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Press Release - September 21, 2012

STATE OF OHIODEPARTMENT OF
INSURANCE
COMMUNICATIONS OFFICE

9/21/2012
Cincinnati-area Insurance Agent Sentenced for $39,000 Theft

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COLUMBUS – Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor announced that former Ohio insurance agent Cecil Young, of Cincinnati, Ohio, was sentenced to four years on community control with an 18-month suspended jail term today in the Hamilton County Court of Common Pleas for theft. Young, who must also complete 400 hours of community service, stole more than $39,000 from nine Hamilton County-area clients.

“Protecting consumers by fighting fraud is a top priority at the Ohio Department of Insurance,” Taylor said. “The Department and law enforcement partnered in this case to ensure Mr. Young was held accountable for his actions. I commend the work of the Hamilton County Prosecutor’s Office to help secure today’s sentencing.”

A Department investigation revealed that Young forged his clients’ signatures and made loan requests against their respective life insurance policies during 2009 and 2010. The funds from these requests were then diverted to Young for his personal use. His victims confirmed they had not requested loans against their policies. All of Young’s victims have been made whole by their respective insurance companies, Illinois Mutual Life Insurance Company and Motorists Life Insurance Company. The Department revoked Young’s Ohio insurance license in December 2011.

Ohioans who suspect insurance fraud or agent misconduct should call the Department’s fraud hotline, 1-800-686-1527.Information is also available on the Department’s website, www.insurance.ohio.gov.